The most popular put is the April 4.50 strike, where more than 2,200 contracts have changed hands. In fact, a block of 2,000 puts traded earlier today at the ask price of $0.11, suggesting they were bought. Plus, IV jumped 2.6 percentage points at the time of the trade, hinting at the initiation of new positions.

By purchasing the puts to open, the buyer expects ZNGA to backpedal south of $4.50 by the time the newly front-month options expire at the close on Thursday, April 17. Delta on the puts stands at negative 0.30, suggesting a slimmer than 1-in-3 shot of an in-the-money finish. However, even if ZNGA remains north of the strike -- which hasn't been breached on a daily closing basis since Feb. 6 -- the most the buyer will lose is the initial premium paid for the puts.

Currently, Zynga Inc (NASDAQ:ZNGA) sports a Schaeffer's Volatility Index (SVI) of 53%, which stands higher than just 27% of all other readings from the past year. In other words, the stock's short-term options are relatively inexpensive right now, from a historical perspective.